GLOBUS Maritime believes that better days are ahead for the dry bulk market, despite recording back-to-back quarterly losses.

The Greece-based owner of nine bulkers on the water and two newbuildings on the way posted a second-quarter net loss of $1.9m, putting it $3.3m in the red for the first half of the year.

Freight rates had edged higher in the second quarter compared with the softer first quarter of the year, but had still remained “subdued”, the company said.

The result contrasted with a $3.3m profit in the 2Q24, on virtually identical revenue of $9.5m.

But the momentum towards a recovery “gained traction” since then, supporting stronger freight levels and firmer asset values.

“Rates are [now] standing at very healthy levels,” management said in a statement.

“Our outlook for the short to medium term remains constructive.”

The majority of Globus’ vessels were employed in the spot market or on index-linked contracts, so that it was “well-positioned to capture the current upside”. The company expected to further benefit from “favourable market dynamics, underpinned by healthy cargo flows, supportive tonne-mile developments and a relatively modest newbuilding order book”.

The Nasdaq-listed owner has two new ultramaxes on order for delivery from Japan in about a year from now.

It said that it is “in active discussions” with financial institutions with the goal of securing “competitive financing” for the newbuildings.

“Our priority remains to maintain a strong balance sheet while keeping funding costs at reasonable levels,” management said.

Globus’ fleet includes six kamsarmaxes, but it has been investing recently in the ultramax segment, taking delivery of three new ultramaxes last year from builders in China and Japan.